>> the whole deal. dagen: that is not where you want him. connell: good morning. here's the question of the day. what is rich? the president trying at 250,000. the question is will that number moving? dagen: based on yesterday's sell-off, and obama victory was not quite priced into the market why not? what will the next four years be like if you are an investor? >> plus, gas lines continue in many parts of the east coast. more than 200,000 new power outages after second storm hits. dagen: top of the hour, stocks nine every 15 minutes. nicole petallides of the new york stock exchange. stocks mixed after the big sell-off yesterday. >> reporter: yesterday we got over 300 points. a loss of more than 2%. right now the major averages not too far off the unchanged line. i continue to hear about people not having power. we had our second storm.

the blood still struggling. trying to trade and get that happening. you have a lot of people with no power and gas lines. someone i know just went for three hours, and on the third hour get turned away. you have people on the northeast coast still struggling. let's take a look at apple. when you look at apple, remember, the stock was over $700 in the middle of september. it had a 20 percent correction. still in the bear market territory. while oppenheimer says these pullbacks are great buying opportunities, still a lot of concern about them getting product out. the fact that they cost more. today at down arrow again. back to you. dagen: thanks, nicole. connell: after that sell-off, how can president obama meet congressional republicans in the middle talking about the fiscal cliff. there is a lot to overcome. dagen: here to tell us what he thinks about middle ground in this country. is there any middle ground? will the republicans give in on tax increases?

>> well, the speaker said yesterday he was willing to raise some revenue, as he put it. maybe on the top earners, though i don't think, as was suggested, you will define the top earners as someone who makes 200,000 year or a family that makes 250,000 year. he would rather raise the level of to 500 or even a million. in return, he said he would like to restructure the tax code, make it simpler to knock down some of the loopholes and reduce the rate. i don't think the president is going to sign up for any such deal. i continue to think that what president obama and nancy pelosi and harry reid want to do is put the republican leaders in such a difficult position that they sign that the tax increases only , their for shoving a lot of the tea party out of the republican party and therefore weakening the republican party for the next four years. it will be political. connell: there is a surprise. we have had some practice. they went through this whole thing and to get to where they want to, that is why the fiscal

cliff is looming. what if anything was live from last time around, and what has changed this time around? >> i'm not sore that -- i think the republican leaders would tell you, they did not -- what they learned, as i was just suggesting, is that the president's attitude before the election was totally political and security for the reelection. if you remember, april 2011 when they thought they had the proposal on the deficit, went to george washington university to listen to the president gives his counterproposal, he vilified them. and it never stopped doing that for the next year-and-a-half of through the election. the big question is, when we heard from speaker painter, what exactly is going to be the president's opening bid? dagen: four years out, what do you expect to see in terms of social security, medicare, tax cut. >> i think it's going to be very

difficult. if the republicans managed to do some of reach, public opinion. and in the election they did have -- romney did have support for his positions on medicare. that was not repudiate. the public does realize at this point that they need to reform those two entitlements. i think they have a basis, at least, for making that argument with president obama and the democrats, but it's going to be difficult. connell: talk about this more in the second with our next guest of about are you looking at the markets at all after yesterday, people being so uncertain about this whole fiscal cliff steel. not getting anything done last time and worry about it again. dagen: economic growth has been under 2%. with the private sector has done during the last two years of the aba presidency has go on a capital strike. and that, i think, is reflected in the sell-off in the market. a private sector is still on a capital strike. if barack obama wants strong growth in the u.s. economy, he's going to have to extend his hand

to the private interests that he vilified so much of the last two years to get reelected. dagen: more spending temecula of the federal reserve sitting ready and waiting make in our money and spend it. >> federal spending for the last 25 years has been to a percentage gdp. brock obama wanted to be for 23 percent of about 24%. the only way you can afford to do that if he extracts revenue out of the private sector. there is a real dilemma at the center of what he wants to do, and that is why i think we will be looking at gridlock for a little while. connell: okay. dagen: as always, be well. connell: we talked about the dow today being down a little bit, but nothing like yesterday. traders are calling it an obama sell-off, but the thing is, the polls consistently showing the president and the lead going into the election. why wasn't all that price did? brian jacobson. what do you think?

>> i think it was partially priced in. it was basically a dead heat going into the election. really, from a market participant perspective, you have to straddle the fence. when it is a dead heat going in, you should expect to be a little bit more volatile out once you get the results, and i think that what we saw was voters going to the election but on tuesday and investors voting on wednesday. connell: kind of interesting. you talked about is a lot yesterday. i don't know where it comes from because an electoral college the president was a favorite all along. i mean, i know the national polls were close, but the electoral college, people looked at that and the analysis. some people got hurt, i would think, in the market in making the wrong bet. what to the bed going forward on this fiscal cliff discussion that we were just having? >> well, with the fiscal cliff i think that their will come to a deal, but if they don't, if they do not come to a deal and not all that optimistic for the

direction of the market over the next two years. i would say, watch the next two months to see whether or not they come to a deal because if they fail to come to a compromise among what does that tell us about their ability to compromise next year? dagen: -- connell: pick up on that to your comment. >> well, effectively if they don't come to a compromise on the fiscal cliff that could push the u.s. economy into a technical recession in the first, second quarter of next year. i don't think that will be good for the reelection prospects of those individuals who would be held accountable responsible. then we have the midterm elections in 2014 to look forward to. connell: the u.s. and other investors have to make a bet on what the likelihood is. the odds were that the president would get reelected, some markets were 60%, 70, 90 plus. there were odds above 50 that the president would get reelected. are you putting the odds that the fiscal clifton's not get solved and we falloff that about

50%? what do you think the odds are. >> i actually would put it at about 25 percent that we go off of this bill cliff. if we do, i think it would only be a partial fault. it would not be off the entire class. connell: a pretty strong chance you don't think it will get this figure out which is kind of interesting. >> that's one of the reasons i think it is so imperative for people to diversify portfolios. whenever we are looking a portfolio construction we want to make sure the you're not putting too much money and risk depending upon what the time horizon is. given my alec for the next few months i think that people should be considering looking at global opportunities let's face it, corporations have money on the balance sheet and they will put it to work eventually. we will be deployed here in the united states or somewhere else? you may as well try to follow the money to be globally diversified. connell: something to talk about . good stuff for investors from

wells fargo. they do for joining us. >> thank you. dagen: know break for the weary. jumping -- dumping even more rain, wind, and snow on an already battered new york and new jersey. connell: that's for sure. in new york in the borough of staten island hit hard by sandy. what is the latest on the cleanup efforts after this most recent storm jack. >> good morning. well, the tractors are out in full force. you can see them behind me. we have noticed a very large improvement over the last hour or so even along the street, but it has really turned into a jackyard, this neighborhood. it is a sticky, stinking mess. neighbors are handing of these matches their walkout their doors to try to help one another because of the stands. superstars in the still certainly evident. underneath this tattered american flag obama, the mouth. we have these cars that are just piled on top of one another. but slammed into the sides

iphones not covered in several inches of snow or said. now, a big piece of affirmation that came out this morning, new york governor andrew cuomo firing his emergency management director because he allegedly called the crew away from some of the storm victims and had them come and take it tree from his very own driveway. this guy had been with new york city emergency management services for two decades, making 153 rand per year. i want to draw attention to these signs that had been put up . these yellow signs simply mean that there is some sort of damage. it is to be fixed. some sort of injury limitation that would be specified. if there is a red sticker on the door, that means you cannot coincide. you cannot even get into your own home, which has been a hard thing for some people because they feel like they have nowhere to go. i am joined by loretta.

good morning to you. >> good morning. >> you say you are concerned about your grandchildren. >> i have to. i have natural flooding in front of my house. worried about years ago with the insects. now i have to worry about the sewage cannot about them playing inside. i always catch the water because we are low. connell: adelle want the kids to be playing out there today. that is another thing. people were coming in to take pictures. all sorts of then -- nastiness, twisted metal. you cannot even see it because of the snow. connell: a tough situation for a lot of people. >> a long wait. new york attorney general targeting craigslist to many information on sellers hiking prices on gas . connell: geithner to my hillary clinton, they are going.

there both leaving. a lot of questions for the administration going into a second term. who will the president put in some of these high-profile positions? big decisions to be made. let's look at oil. eighty-five, just under that. 8467 a barrel. up a little bit today.

energy is being produced to power our lives. while energy development comes with some risk, north america's natural gas producers are committed to safely and responsibly providing generations of cleaner-burning energy for our country, drilling thousands of feet below fresh water sources with self-contained well systems. and, using state-of-the-art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment. we're america's natural gas.

[ male announcer ] how could a luminous prote in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy.

it's just one reason over 75% of our mutual funds beat their 10-year lippeaverage. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment informati, risks, fees and expenses to read and consider carefully before investing.

♪ connell: here we go. quarter past the hour. back to nicole. tell us about monster beverage. >> reporter: that's right. talk that maybe coca-cola was taking in over. stocks shot up over $80 in april. here it is with the down arrow again today. under scrutiny about the safety of their energy drinks. of course, the ceo has been out and standing strong saying that the premise behind these lawsuits are baseless. however, the company has come into numbers that messed analyst estimates. as a result we are seeing down arrows. let's take a look at the major market averages. we started off to my little back and forth. the dow jones industrials down about 32 points. that ttx on the losses we saw yesterday have over 300 points. pressure remains on these markets. the banking index with an

apparel. and up era as well, and i'm looking at the dollar which is also stronger. dagen: thank you. it is bad out there. gas lines in new york growing and still, many stations without fuel for more than a week after super storm s&p. people are taking advantage. somebody on a craigslist offering an empty 5-gallon canister for $500 apiece non-negotiable. new york attorney general has slapped a subpoena as a result of that. more such gouging. airlines say planes should be very full, to the brim over the thanksgiving holiday. 23 million passengers are connected to take to the skies of the tell day holiday timeframe. about 150,000. november the 25th and 26.

stenholm. fidelity saying this is a great year so far for retirement plans. the largest retirement plan provider says the average balance for participants at $75,900. that's the highest level since this started tracking, up 18% from a year ago. the average account balance rose in part because contributions from employees pay to deductions increased, particularly in the latest quarter, matching contributions from employers. connell: there you go. the president needs a new secretary of state. hillary clinton has said she is leaving. tim geithner is also leaving at the treasury, and there are other cabinet secretaries who may be on their way out. we will bring you the short list of names for the new obama administration coming up. dagen: the most urgent issue at hand is working out the fiscal cliff coming january 1, the president is leaving the

country. speaking of leaving the country, how much will it cost you to go to europe? adelle of 27. not cheap. what makes the sleep number store different? you walk into a conventional mattress store, it's really not about you. we have so much technology in our store to really

show the customers what's going on with their bodies. u can see a little more pressure in the shoulders and in the hips. ... now you can feel what happens as we raise your sleep number setting and allow the bed to contour to your individual shape. oh, wow. that feels really good. at sleep number we've created a collection of innovations dedicated to individualizing your comfort. the sleep number collection, designed around the innovative sleep number bed - a bed with dualair technology that allows you to adjust to the exact comfort your body needs. each of your bodies. so whatever you feel like, sleep number's going to provide it for you. during our semi-annual sleep sale, save $500 on our classic series special edition bed set and for 5 days only enjoy 36 month financing on selectebeds but only through monday. yoll only find thehe innovative sleep number bed at one of our 400 stores, where queen mattresses start at just $699.

♪

♪ >> reporter: 22 minutes past the hour. the man who pled guilty to a shooting rampage in arizona that killed six and wounded 13 including former congresswoman gabrielle giffords said to be sentenced and less than an hour. esther not mark kelly said to address the court. under the terms of plea agreement, he will spend the rest of his life in prison, most likely in the psychiatricward. the country's military will hold a massive defense drills starting this weekend. seven days of events including fighter jets, drones, air defense systems, and about 8,000 troops involved. a california insurance broker has pled not guilty to charges he overcharged actor tom hanks and former police guitarist andy summers for insurance premiums. prosecutors are clanging between 1998 and last year he overcharged those folks more

than $800,000 on their policies. those are your fox news headlines. much more and then an hour. this is the fox business network. i'm jamie colby. back to dagen and,. dagen: close enough. connell: you are going to get all new look for is a ministration. dagen: who will some of the new faces b? shannon green has that story. what is the likelihood that we will see major changes? we do know, for example, tim geithner is out the door. >> absolutely. the obama administration has had very little turnover at the cabinet level. that is likely to change. there is obviously some level of burnout and historically most cabinet officials do not stay on for two full terms. he will phase out, but with issues directing death a -- disco cliff, unlikely to do that right away.

secretary of state hillary clinton will transition now. the u.n. ambassadors to see the likely replacement, there is talk of weather hurt involvement in the bin gauzy could impact that. a number of sources saying she is the president's top contender for that post. senator john kerry obviously seen as a potential contender for that lot because of his work in the senate on foreign policy in those issues. for right now it looks like rice is much closer to getting the nod. connell: the issues that will come up. benghazi is one of them. the impact does will have on the president's decisions. >> in absolutely the fiscal cliff. issues about the inspiring tax cuts, sequestration, the impact. there ben vaults for years.

some will be likely to walk away. leon panetta has been very vocal about his concerns about health sequestration could impact that pentagon. because of that, that will keep him in place. >> that would beecher defense secretary leon panetta. he has fought hard against sequestration because he did not want to see the types of cuts that sequestration calls for for the defense department. he is going to see that through. >> keep in mind, he probably has the toughest and most expensive commute which taxpayers are paying for going back and forth between the east and west coast. a tidbit, i have, excellent researchers here at polk fox news. on average in the 52 term presidency's we have had, only one or two cabinet members have state through the entire time. it is bound to happen. change is coming. connell: just complicated by the

fiscal cliff and these other things. thank you. dagen: looking for the president to help fix stethoscope left? lawmakers will have to dial long distance because he is leaving the country. connell: we will talk about the affect and whether it should happen are not. something happened at mcdonald's that we have not seen in almost ten years. not great news for investors. dagen: still around. a huge disaster. some. connell: some of the winners on the s&p 500. we'll be right back.

dagen: sitting on the edge of a fiscal cliff with the economy ready to crash and burn, but are we already in another recession? the right time to travel. capitol hill, still over the fiscal cliff. and a drop in sales in almost ten years. the bottom of the hour. nicole watching another loser. nicole: there is a lot to follow here. let's start out. we are talking the major market averages. names like verizon and cisco coming out with weak sales numbers. a name that has good news, they make for mobile devices, smart

phones and they came out with numbers, and we are speaking with the ceo paul jacobs. traders yesterday were focusing on the 1400 mark. we closed below 1400, it shows downside potential. we remain to the downside. also "after the bell" we will follow earnings with names like groupon and nordstrom and disney, all those names will be key. dave: as we continue to talk about the fiscal cliff, and in harrisburg. do we have a place, and deter

overseas deserve scrutiny when we get to work on the fiscal cliff for the management? >> first thing in my mind if i were in that position is i have to manage the fiscal cliff, we have to resolve that issue. the issue of sequestration and going out of the country at this point in time with seven weeks left in the year and congress only there for a short period of time i find surprising to say the least. connell: what would you say here or there or on the phone about getting something done this time on the fiscal cliff? we were wondering if anything had been learned from the last set of negotiations, people speculating the president would bring bill clinton in to negotiate or try something different. what do you think they should do? >> they need to set around a table 24 hours a day seven days week until they get this

resolved. we have a short period to get this resolved. a lot of people in the country don't understand how dangerous this is to the country, how dangerous it is to business and the economy and they need to get this done, taking trips or not be sitting at the table discussing this is a mistake and has to be done in a bipartisan way and everyone has to give a little bit. i have been talking to people about what the effect is of the fiscal cliff to the states and the states and counties and municipalities and school districts. it will affect everybody. most importantly it will affect the united states when we come least afford it. connell: would you thinking about in pennsylvania the you are worried about? >> from an economy standpoint if we have a slowdown we are going to see the economy of pennsylvania start to turn around, we have the ability to add 80,000 private sector jobs in the last 19 months. i don't want to see that go away because we need to be adding

jobs. connell: you know about the republican governor and the democrats and is a swing state and governor romney thought he might win. on the democratic side you think the president gave on things like entitlements and be able to cut the. what about your side of the aisle for the republicans? what do they need to give on without giving away too much and get a deal done? >> not being privy to different conversations it is hard to say but right now this country is most important and the future of the country is most important more so than policy and -- connell: higher taxes or more revenue? >> we have to look at where to create revenue. one of the ways to create revenue isn't necessarily higher taxes. we see 21 tax increases under the first term of the obama

administration. it means controlling spending and taxes to allow the economy to grow. connell: people talk about whether they can get big-time tax reform something like 1986. thanks for coming on today. >> thank you for having me. dagen: gasoline still not getting to many drivers in the northeast. what does this mean for the price of gasoline? for everybody? connell: lines not getting better. some places, so many days after such a big issue and are we in a recession? are we and one right now? some say we are, just not being called that. liz macdonald will report on that and let's look at treasuries, 168 on a ten year yield.

lori: i am lori rothman. the u.s. trade deficit narrowed in september to its smallest since december of 2010. the deficit dropped since august to $41.5 billion and exports rose to a record. jobless claims better than expected last week falling by

8,000 to 355,000 but don't get too excited. labor department cautioned these figures were distorted by superstorm sandy and will continue to be affected in coming weeks. amazon.com uncorking its latest adventure in time for the holidays. the online retailer launching amazon why which will feature 1,000 small across the nation. residents in a dozen states in the district of columbia can order, amazon says more are on the way. that is the latest from the fox business network giving you the power to prosper.

dagen: less gas which lowered demand, refineries have been shut down by the bad weather so is it demand or supply driving oil prices right now? the presence of live now oil

associates joining us over the phone. how much demand has been destroyed by the supply problems in the northeast and is it impacting gas prices nationwide? >> we have lost three million barrels of demand over the last week because of the weather and also because of consumer hasn't been able to buy gasoline. that of course has backed up supplies to the gulf coast and other regions of the country which is pressuring prices. dagen: in terms of the gas supply problems in the northeast, where are the hardest-hit areas in new jersey and new york and how soon will these problems be resolved? >> the worst hit is linden, new jersey kerri and newark. it looks like the terminals in linden will be down another two or three weeks and in newark things are recovering slowly. the good news is on eastern long

island everything is open and operating but it does receive their resupply from new york harbor. in brooklyn and queens we have three quarters of the turtles of and and things are getting better. dagen: what happened when all the service station this, will we see a boost in demand as we start rebuilding and will that boost prices? >> there is no doubt service stations reopened people feel comfortable, get back in their cars and the band will go up and hopefully by then we will have more terminal infrastructure on line to keep those gas stations supplied. dagen: good to talk to you as always. the save, be well, be warm. connell: there are more economists coming around the idea that the u.s. economy is not heading into but is already in recession. dagen: reports around wall street trading desk indicating just that. is part of the problem.

companies are pulling back. they are not hiring, they are not spending. what does liz macdonald thing? she is here with the bottom line. liz: these guys in wall street are looking at the earnings in the s&p 500, 38% b revenue or sales estimates and also seeing earnings are down year-to-year and all seceding for example 58% of the countries in recession, a big debate, putting out a preliminary warning the u.s. economy is heading into recession. what you are talking about is how companies are pulling back and we are seeing that. look what s&p is warning about, dividend cuts. u.s. companies cutting their dividends, the number of companies rising look at the recession indicator, the u.s. economy could be entering a recession as more companies cut their dividends and that includes companies like atlantic power, best buy, all sorts of

companies doing that. the recession risk is rising according to first trust adviser and that is a debate on wall street. whether we will see one quarter contraction meaning the fourth quarter. connell: we keep asking if the fiscal cliff doesn't get sold we run the risk of heading into recession but youure telling us this doesn't matter with the fiscal cliff, we could already be in one now. even if we solve that we are in a recession in the united states? liz: the ppoblem is you won't hear from the arbiters, national bureau of economic research. they average 11 months to call u.s. recession but already the economic cycle, research institute got slammed for saying we are in recession, gary shilling -- a recession pattern, the talk on wall street is picking up because they're watching the data point and charlie brady is saying putting out 227 companies in the s&p 500 are in correction mode including

apple, google and microsoft. the big thing is when you see the number of companies cutting back their dividends they are hoarding capital and not paying dividendss for a reason that they are scared. you see 1/4 negative in recession mode. dagen: not hiring or spending. cutting back on business. liz macdonald all over. dave: let's go to nicole. stocks every 15 minutes. cold foods. nicole: when you look at whole foods stock is down 4%. we are watching them closely. they're coming out with statements, like so many other companies but in this case talking about the fact shopper trends have been disrupted. obviously that will be a trend that we see not only from whole foods but also many companies along the eastern seaboard north to south. they are noting patterns were disrupted for shopping and many customers had power but the company did reiterate that

profit and sales forecasts for 2013 declared 43% increase in quarterly dividend to $0.20 a share. it is not all bad news for whole foods. let's look of the major market average after we saw the indices' dropping over 2% yesterday. today the dow jones industrial average down 20 points. dagen: thank you. stock alert for you. something you don't see very often. it has been ten years. mcdonald's reporting its first monthly same-store sales drop in nine years, almost a decade. the world no. one hamburger chain saying global sales open at least one year fell 1.8% for the month and you can take a look at how shares are doing down 1.5% but i reference the mcpizza. that was not fiction. they did actually have maia mcpizza about 20 years ago and it didn't do well. connell: not one of their brightest moves. this is a surprise when you see

mcdonald's sales doing down. nothing named after me. maybe that is the problem. president obama's reelection meaning obamacare stays in place. how will the states implement it? should be a point of controversy. we will talk about that. dagen: take a look at the nasdaq. @

dagen: the win for president obama guarantees obamacare will happen in definitely. now is the distastes that will

implement the law and that is sparking controversy. we will talk about it. former spokesperson howard john boehner, a great view to be here, what kind of hurdle we talk about, expense of medicaid and health insurance exchanges that has to happen. what are the stumbling blocks to doing that? >> the calendar is moving forward even while washington held its press waiting for the outcome of this election. we are going to see now is the regulators issuing their protocols and regulation to give more form to this health care law and how is implemented and will be a busy couple months. it is 13 months from now, everyone in america will be required to have health insurance, medicaid will need to be expanded at the state level and some of these states, only a handful of these have set up their exchanges. if we are going to implement health-care reform we are behind

the eightball. dagen: is that necessarily a bad things? it will be way after president obama's second term before we feel the financial impact as a nation of this expansion of health care, until we feel any kind of economic malaise from it potentially? >> don't know if that is true. a premium taxes a job killer according to a lot of critics. in 2014 a lot of the big changes in the way health care is administered particularly for medicare, those programs will change fundamentally in the next year or two. people will see their health care product change fundamentally but when you start looking at numbers ten years out, that is another fiscal clef altogether. the entitlement reform we need is needed even more because in ten years this program doesn't pay for itself anymore.

dagen: so many people are opposed to obamacare why didn't it have more of an impact in who is going to run the country next four years? >> it is complex because there had been quite a lot of time passed between obamacare as a legislative debate. some of the heat left that debate, opposition soften the bit. also remember mitt romney this is the mandatory health care plan in massachusetts. he didn't really emphasize an attack on obamacare as part of his campaign. a lot of conservatives are second-guessing but romney campaign for not being more forceful about that. what we have known for some time is older people are suspicious of obamacare, that their benefits won't be the same and the quality and access for older americans will be diminished. there was a lot of political energy out there but it

dissipated somewhat and the republican nominee didn't focus on the issue. dagen: take care. connell: walmart announcing it will kick off its holiday sales rush. 8:00 thanksgiving day, the earliest start they ever had. dagen: is walmart a buy at a holiday season? today's trade. cheryl: retail for the christmas holiday, this is a huge, the biggest for the retailers, they are gearing up and a lot of folks want to look at their portfolio as far as what retailers they want to own heading into the shopping season. the dow down today, that is microsoft, looking at walmart. one of the stocks in the green, $70.30, walmart sitting near 52 week highs. jumping into the retail sector this is really interesting. if i bring up walmart and compare this to its biggest

competitor which is target it is an interesting story we tell. let's make this thing work force today. over the past year each of them were of 23%. it is a neck-and-neck tie as far as gains in 2012. they are both up 23%. what happens over the retail holiday will be huge for investors. the average analyst estimate of weight rating with a price target of $80 for walmart, still expecting big gains. one other comparison want to do if we jump into walmart, these other things you have to keep in mind if you want to other retailers put walmart against the dow and that didn't work either. walmart is outperforming the dow jones industrial average. walmart is on fire and they announced early layaway plan so there's a lot of like taking to walmart head of the season. [talking over each other] >> we were not supposed to do

it. looks hot. she looks awesome and has great shoes on. patch -- [talking over each other] connell: i love when you talk tv. dagen: checking the outfit out. the check check out. looks great. connell: toss to break. dagen: more about president bill clinton. a broker, fiscal cliff negotiations. connell: cheryl casone and dennis kneale will take the topic on television. they're up next on markets now.

what makes the sleep number store different? yowalk into a conventional mattres store, it's really not about you. we have so much technology in our store to really show the customers what's going on with their bodies. you can see a little more pressure in the shoulders and in the hips. ... now you can feel what happens as we raise your sleep number setting and allow the bed to contour to your individual shape. oh, wow. that feels really good. at sleep number we've created a collection of innovations dedicated to individualizing your comfort. the sleep number collection, designed around the innovative sleep number bed - a bed with dualair technology that allows you to adjust to the exact comfort your body needs. each of your bodies. so whatever you feel like, sleep nuer's going to ovide it for you. during our semi-annual sleep sale, save $500 on our classic series special edition bed set and for 5 days only enjoy 36 month financing

on selected beds but only through monday. you'll only find the innovative sleep number bed at one of our 400 stores, where queen mattresses start at just $699. >> climbed dennis. >> hello. i'm sharyl, and that dallas under pressor one day after the worst sell-off in the year . investors wondering what the rest of the trading year is

going to bring. speculating we have not seen the worst yet, our all-star panel is ready head for investing ideas to keep the safe. dennis: growing calls for president bill clinton to broker a fiscal cliff deal. we just reelected obama to do that. the small-business lobby. cheryl: take a look at this picture more than a week after superstar mike san the timid gasoline still in very short supply. this is happening. anger, frustration as many residents ask, where is the gas? where are the authorities? dennis: good question. stocks every 15 minutes. nicole petallides on the floor of the new york stock exchange and. >> reporter: we are seeing a market that has been down for the most part. down 17 points and the dow jones industrial. tanking on to yesterday's losses of over 300 points. major averages dropping 2% yesterday, and now with down errors as well, transports under pressure as well. one man to watch in particular

would be mcdonald's. obviously a global player, global story. talking about the soft economy in seeing scales drop across, actually make dolls first drop in monthly same-store sales in nine years. so the stock is sitting in new 52 week low, of course. that is something that we will continue to follow as well. cheryl: the least care of having a day like yesterday today. well, almost half of the s&p 500 stocks in direction, yesterday triple digits sell-off may be a sign that market is wasted -- weaker that looks. chief market strategist this year. pitbull capital group vice-president. to you first. you're saying it's time to get defensive. why are you so nervous? why did investors predict is what happened? the president was going to win.

>> well, it's interesting. we look at an industry by political party. those most favored by republicans and democrats. actually, the democratic industries have been doing better over the course of most of the year until the first debate, and it is interesting, yesterday and today, many of the biggest movers are politically motivated. yesterday and 8% decline in the republican favre : the street. that certainly was not something expected by those investors after running that sector up 25% in the prior month. we have not just that this bill clef, but weak profits, a weak global economy showing up in mattel's profits here today, but we have a number of other global issues going on that keep investors in a defensive mode, probably at least three months later this year if not next year. cheryl: your it -- example about coal stocks jumping up, that is a very good point. i'm curious what you think. the market is making the true assumption that governor romney

was going to win. were they fully betting on that? >> i don't know if they were really betting on it, but i do think that especially some of the sectors that were just talked about, coal being one of them, you know, that was acting irrational week. if i looked at the demand, the earnings, i did not necessarily want to be in coal at those prices that they were the last couple of days bread before the election. i agree with your other guest that there was a little bit of betting on, you know, who was winning or who was not winning. even more than that, i think the markets are in for a correction. you know, we have been seeing lower revenues and lower earnings, and this is all about earnings. the stock-market always looks forward to and we are not seeing strength next year in any kind of way. so i think that is pulled back from the high is a rational reaction. cheryl: jeff, here is the thing.

but that you basically agree that, you know, it's time to get defensive, but your strategies a different. and when it comes to home builders these names have had a huge run-up this year. we will get mortgage rates staying below 4% for some time. do you still like home builders? >> one of the few things you can still count on. you should have cash in your portfolio and gold as well, but look at the home builders. it's a trend that you can count on. it is actually favored by the outcome here of the elections. remember, the democrats are likely to be a lot less harsh on fannie and freddie and the republicans, and likely to continue to support housing in a lot of different ways which remains positive. the momentum in housing is strong, and rates will remain low for some time. that is one area if you're going to stay in the market you can remain comfortable that the home builders might give you a trend disassociated from hunt -- the other trends.

cheryl: you like boeing. i was a little bit surprised by this one considering the defense and of the business of boeing is actually taking a hit. why boeing? >> well, probably the biggest benefactor has been the emerging market. we think that the emerging market over time is going to continue to grow. airplanes are something, you go into the airplane store and pick one of the shelf. get in line, signed a contract. you are giving probably a few, if not a whole fleet, ordering that, and it takes a very long delivery time. we think the emerging markets will continue to run. that area is going to do extremely well. cheryl: they are going to probably come up with a third version of the dream liner, international airlines that are looking to buy it. really quick. i want to ask you about the fiscal cliff. fiscal cliff. how worried are you? >> i'm very sorry, but i think

we get a deal done. lame-duck sessions have not been good for the stock market. all we have seen, stocks have fallen, even when we have accomplishments, but i think we would get a deal done. i think we will see middle-class tax cuts extended. i think we will get that done heavily by the end of the year. that is a positive. you want to buy on that. cheryl: are you worried about the fiscal cliff? >> i am, and i'm not going to bet on either party. at think their is a lot of game play, and i don't know that anybody really understands what will happen if we do fall off the fiscal cliff. i think it just does not bode well for the taxpayer, and somebody has to put their big boy pants on, sit down at a table, and really has things out. and at this point i don't really see that happening. as a taxpayer and citizen, devoutly wish that somebody was take their career and make the3 big move. cheryl: time to put on your big

boy pants. that was a good one. thanks to both of you. appreciate it. dennis: it is bad out there. gasoline lines in new york growing, and many stations still without fuel a week after superstar sandy. some people are trying to exploit the situation. someone on craigslist offering empty 5-gallon gas cans for $500 apiece, non-negotiable. new york attorney general has that the subpoena on craigslist as a result of that and more l.a.'s cadging, although, you know what, and a strong, supply and demand, are to know what is a gap in what is just a reaction to future cost increases of supply. cheryl: when i saw gasoline bill of new york gas problems are some -- certainly having effects nationwide. it joining as right now from the trading pits of the cme. what do you make of all this? the northeast is getting killed with gas supply.

>> it is, and it's going to get worse. very concerned that this nor'easter will knock out more electricity. it will be harder to get gasoline. we are concerned and a short-term people that don't have gasoline will fill up. obviously the supplies will be tied here for the last couple of days. as not the reason, i think, that gasoline prices are rising. we saw a big drop on gasoline last week because of the concerns of demand destruction. today we seem to be rallying because concerns about the eurozone. we get an ice pop down on the eurocurrency. we are not going to do anything. that gave all the commodities a boost. oil, gas, and heating oil. back to you. cheryl: all right. thanks. dennis: bill clinton called to broker the fiscal tough negotiation. reaction from small business leaders next. cheryl: thinking about maybe dumping shares of apple? well, we will talk with a onetime apple insiders.

the company's best days are behind them. dennis: first, as we do every day at this time, let's look at metal. [ male announcer ] this isteve. he loves risk.

but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.

♪ dennis: gridlock is back in washington, and the national federation of independent business warns that unless the fiscal cliff is fixed, small businesses are at risk. we are joined by dan.

growing calls now by some tea partier is that maybe even democrats among for bill clinton to step into these negotiations to fix the cliff, would you be in favor of that? >> well, we certainly want to get fixed. whatever it takes. small businesses are very concerned that they are going to be pushed off a cliff and probably first. dennis: this would even be suggested, is this a sign that people don't have enough faith in president obama's ability to work? they have to go to his spokesman, bill clinton? >> certainly this tree is not very good. i mean, i think there have been overtures of the last couple of years and nothing has happened. i think it does speak to the fact that people are not very confident that this is going to get fixed. dennis: we have been complaining for a year that businesses will not invest because there is too much uncertainty. we finally have uncertainty.

obama one. capital gains. estate tax rate going up. tax on dividends filling a. investments to fund medicare, going up. now we have certainty. how is that? >> well, that is the kind of certainty they don't want. and the top rate, the president is absolutely determined to have go up. he says they want to raise the rate on households. what he does not say is out of a small businesses that are l.l. season this corpse. they pay that rate, and that is not all to come. that is money they have to invest in their business. he wants to raise that, to which will hurt a lot of small businesses and cost jobs. >> affected by the tax increase. unfortunately 25 percent of all american workers, if i remember correctly, will they fix the cliff in time? what will happen next? >> i wish i knew. i wish i was confident to say they will fix it. i think that most likely this scenario is congress will do

what they do best, kick the can down the road. i think the question is that in terms of what is in the can, some things won't be extended, you know, even for six and nine months. and i think the top rate is one of those that is very vulnerable. dennis: does it have to be the end of the world if the top rate goes up? and income $80 billion a year to $17 trillion economy. >> is at the end of the world, but it is for those small businesses you mentioned. those who create a heck of a lot of the jobs, it is less money that they have to invest in their business, to hire any person, to grow and do, again, what we all think we need, and that is to create more jobs. dennis: i'm thinking, what do you say to this, the chances are slim that president obama will welcome bill clinton to steal his reelection fund it and take the lead in these negotiations. >> i would agree with you.

if health care is a legacy during his first four years, certainly tax an entitlement reform would seem to be the opportunity, at least, for a legacy for his next four years, and i am sure he does not want to share that with anybody. dennis: thank you for being with us. president and ceo of the national federation of independent business. cheryl: 15 past the hour. nicole, what are you watching? >> reporter: a dennis kneale. came out with numbers which were defined for the quarter, but really it is the outlook. we talked earlier about wholefoods. hurricane sandy was going to affect numbers. well, coal is also giving a tepid outlook, a cautionary tone. that is why you see the stock down 4%. also noting that hurricanes and the effect numbers as well. that is something to factor in. plus to my downgrade from s&p capitol, so you're seeing the retailer with the down arrow,

but many retail stocks have down arrows. let's take a look at the major market averages. s&p 500 below that key number of 1400, now at 1388. obviously looking at all new levels as we broke through some support levels that everybody had been watching and hoping that we would hold, but just didn't. back to you. dennis: thank you. fidelity is saying this is a great year so far. the largest retirement plan providers saying the average balance for participants read some $76,000. the highest level since it began tracking values in 2000, up 18% since last year. average account balance also rose because contribution charm employee paycheck deductions increased, and so did matching contributions from employers. cheryl: coming up next, we are going to talk with a former apple insiders said that the company's best days are behind it. dennis: don't alumni always say

that? and 30-year mortgages still in the near record lows. cheryl: series of the world's currencies are fairing against the u.s. dollar. we will be right back.

looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposit now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason

serious investors are choosing fidelity.

♪ cheryl: just about 22 minutes past the hour. hi, jamie colby with york fox news minute. the 24 year-old responsible for the shooting rampage that left six dead and 14 wounded including congressman gabrielle giffords will be sentenced this hour. he pledged guilty. that judges just asked what he said that. he did not want to address the court. her husband we will address the court. it should be very emotional. meanwhile, speaking of emotional, pedaling in that infringes streets of san following the earthquake that killed rescuers are scouring the rubble, still searching for survivors and before president in 65 kennedy made a tragic trip to dallas in november 1963 he

visited fort worth. now this city is opening an exhibit in kennedy's on a genetic. the uproar tribute will feature photographs and an 8-foot bronze sculpture of the president. i'm jamie colby, and no send it back. it's house with visiting. cheryl: it's actually a fascinating trip. thank you. well, a former apple engineer wrote a piece in the guardian, the british newspaper saying, we passed peak apple. it is all downhill from here. currently chief technology officer can he joins us now by phone from london. thank you for speaking with us. your comments are interesting to the gardener. you basically are saying here that this is another "calling to get used, but the experience a further corporate interest. you sound a little better. what is right to peace?

[inaudible] cheryl: you know what to masaryk , we're having some issues with your phone right now right to try and get you back. you know, obviously, we have looked at this piece. because of the executive departures, problems with the retail stores, there are no new ideas coming of that. dennis: 20% full bear market apple territory. cheryl: we will try and get him back and take a quick break. dennis: jobless claims down, but still far too high. he will talk about that amounted to grow the jobs market. our debate is ahead. cheryl: why it may already be too late to make a plane reservation for thanksgiving. dennis: luckily i made mine. let's take a look in some of the day's s&p one is and losers. ♪ i look at her, and i just want to give her everything.

yeah, you -- you know, everything can cost upwards of...[ whistles ] i did not want to think about that. relax, relax, relax. look at me, look at me. three words, dad -- e-trade financial consultants. so i can just go talk to 'em? just walk right in and talk to 'em. dude, those guys are pros. they'll hook you up with a solid plan. they'll -- wa-- wa-- wait a minute. bobby? bobby! what are you doing, man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade.

cheryl: the recovery effort hampered by another storm. we know it's enough for business owners to start hiring again. holiday travel flying high. consumers are willing to spend the money for holiday vacation. we are right now coming up on 30 minutes past the hour. of course, stocks now. coming to you a little bit earlier because we are so closely watching these numbers. >> reporter: the dow, nasdaq, s&p of let down arrows. watching closely. brookie support levels. everyone was hoping it would stay above that 1400 mark.

a further flag to the downside. 1389 on the s&p 500. dow jones industrial coming under pressure. right now down 33 points. nasdaq coming under pressure. names like apple selling off. let's take a look at movers. apple, $700 stock back in september. today you had oppenheimer saying by apple. it is a great bike. at the same time you should remember that oppenheimer funds are very heavily invested an apple, but they do have a call on the company. american coming anc. that whole division is doing very well, especially with the show with the zombies, what is the name of the show, walking dead. walking dead. i don't watch that show, but i can tell you it is doing amazing for amc. qualcomm is another name on the move. numbers for the chips, smart phones, whenever there. monster still under pressure,

not meeting numbers, and still under scrutiny. whole foods, another name saying hurricane sandy will affect their numbers and disruption to about some shopping patterns. dennis: thank you very much. a presidential election brought businesses some of the certainty they have been waiting for which prompted them to start hiring. let's ask former labor department economist

actual demand rising which we can do a whole lot about. >> we need some clarity and some coherence as far as the fiscal policy is concerned. and we have neither at this particular point time. the elections really didn't change anything. we have the same demonstration, the same control of the house and senate, and the same personalities for the. will we need is the change in attitude on the part of the political leaders that we really do need to address these issues. they are not insurmountable problems that it is just common sense and looking out for the best interest of the country. >> you look at the results, back where we were square one, but

the constraints that are binding or will be binding at the end of this month are much, much bigger, much, much bigger. and the conversation is very much focused on wall street. the big losers, if we don't get to some resolution, we don't get to that will be main street, people on main street. you have the most of unemployment, and what individuals from 8 million. dennis: but you are kind of a democrat. you don't want to see us not raise taxes on millionaires and billionaires. you don't want to see as i left the capital gains tax rate. are you saying we ought to not do that? >> we have to have a comprehensive picture or package of what we do. the rear going to have to see the bush tax cuts extended. i do think that they need to be expired for those at the upper part of the income scale. we also need to reauthorize unemployment insurance. compare us back to the previous recoveries, and those we did not begin to pull back on benefits this early with elevated rates.

dennis: sorry to cut off. i'm thinking everything you just mentioned won't do anything to get small businesses to start hiring. >> i think we need tax reform rather than the hodgepodge approach that we take right now. quite frankly, raising tax rates on upper income really does not solve any problems. it is not going to put a significant dent into the budget deficit. frankly, it will, you know, continue to be a problem as far as job growth is concerned. so i think tax reform would be better than what bill just mentioned. >> i don't think it's one or the other. i think you have to do both. i think, first among the president and the leaders in congress have to come out. they have to put together, expressed the framework and how they will solve this problem to help reduce of the uncertainty and fear that is out there. then by the end of december they have to deal with these issues.

the tax cuts. im favoring that goes back to where it was. the tax reform to get bigger. >> it really has to happen, it is going to have to start in the first quarter and be done by mid year all we are going to get another downgrade. the reason it's going to start and the first quarter is that the debt ceiling will, again, become a binding constraint. that, of course, will increase the risk of interruptions to treasury financing, possibly government shut down. and is this type of crisis that in the past has triggered congress and the politicians in general to address the budget deficit. i think that is really was going to happen, and then we will have, you know, through the second quarter finally getting things done. back where we were in august of 2011. dennis: we have to leave it there. i'm calling the fiscal cliff is so fatal that our leaders will

manage away working out. thanks a lot. cheryl: air travel in the new york area still is not back to normal after the second major storm and a little more than a week. major airlines scratch 600 flights around the country. so far today even, that is according to a flight traffic service, the majority of those are in the new york area. airports in boston, philadelphia, d.c. meantimes, airlines are saying that plans will be full of it at thanksgiving holiday, close to 24 million passengers expected to take to the skies of the 12 day holiday that is up about 150,000 from the year before, according to airlines for america. the busiest days of the year projected to be november 25th and november 26. there you go. they will try and make some money back from all those delays dennis: and christmas is coming early to walmart this year. sandra smith is ahead with that story and how you can make a buck on it. cheryl: and gone to pot.

major backlash in california over blacks marijuana laws. dennis: terrible. take a look at the 10-year treasury.

tracy: i am tracy byrnes. recent parliament approve the

new austerity bill by a razor-thin margin, 80,000 protesters stormed the streets clashing with police. narrowly approved cuts and tax increases were 13.5 billion euros over two years and critical to greece's efforts to stave off bankruptcy. mortgage rates continue to hover near record lows. according to freddie mac arrayed on a 30 year mortgage is up slightly from last week to 3.4%. in the first week of october they cut the record low of 3.6%. the u.s. trade deficit narrowed in september to its smallest imbalance since december of 2010. deficit dropped 5% from august to $41.5 billion as exports rose to a record high. that is the latest from the fox business network where you have the power to prosper.

think it's wrd to collect air? you wouldn'think so if you saw what your lungs collect every time you breat. protect your health with life-saving air quality updates from the american lung association. get our free "state of the air" apat lung.org. cheryl: breaking news. we have men maundering tucson, ariz. jerrod wapner pled guilty

to killing six people in arizona in january of 2011 winning 13 and including congresswoman gabriel jeffords. they were in the courtroom but at one point we're hearing from fox news producer the congresswoman had to be escorted out. she left the courtroom for 15 minutes then came back in. many of those who were wounded are testifying including a victim who was shot three times trying to save her neighbor who they wanted to go see deferreds speak that day in tucson and basically they are all looking laffner. we did not want be here, we can't show you video from this. it is the federal court room and cameras are not allowed but we are monitoring the statement of activity inside the court room. if we get more details including

final sentencing of laffner he struck a plea deal with prosecutors, federal prosecutors, we will bring that news to you. >> disney with its quarterly earnings report after the closing bell, $4 billion by of another major franchise, the star wars empire of george lucas adding darth vader and luke sky walker to the avengers in the marvel comic universe. one of the biggest grossing film of the year ended disney line above woody and buzz light year and cars and looking for revenue growth of $11 billion for the quarter. net income could rise 11%. earninns per share may go up an even better 15%. cheryl: the national retail federation forecasting weaker jobs and holiday spending last year. what should you be betting on? what will be a tightening holiday season? sandra smith has details of

trading for today. sandra: we are looking at 4% jump in retail sales, that will be slower than the 5.6 sales growth we saw last holiday season. the national retail federation projecting a slowdown as far as overall spending for consumers. this is the bread and butter for major retailers to happen to be down to the. not walmart. walmart is up again. look at year-to-date gains the stock of 23%. loss of momentum sitting near 52 week highs. right now analysts say they like it, overweight rating. end $80 a share. one thing i want to show you guys is they are opening their doors at 8:00. they compete with one of the biggest, neck in neck tie. this is in direct competition

with target and they an ounce the big layaway plans for the holiday season. seize the things they're trying to do to compete with other retailers that are out there. this is a dow component and as we look at retailers they will all be competing. look at best buy down 1%. walmart really promising they will have a lot of gadgets when you get through the doors early on. competing not just with target and costco but all the retailers. dennis: thanks very much. i love when the point of the u.s. economy -- it is quarter till. every 15 minutes we have stocks now when you are watching wendy's. nicole: see the lunch coming in here. haven't seen a when these lunch bag but wendy's is a name that is doing well. let's take a look at wendy's on a day when we have down arrows across the board and a mcdonald's came out with same-store sales but wendy's doubled its dividend and reported 2.7% increase in quarterly same-store sales in north america.

that is good news. they are all so steeping their remodeling plan to 125 designs with a new logo they have been working on to make it more modern and the franchise to do another 140 so they have a big plan ahead for years ahead. this is for the year 2013. that is good news for wendy's. how is the major market average doing? we are seeing accelerated selling. the dow is down 46 points tacking on 214 loss yesterday and we are below the 13,000 mark now. connell: dennis: this will pass. thanks very much. cheryl: is time for west coast minute. colorado, washington voters opting to legalize recreational marijuana but california cities voted to curtail the building industry. san diego county and northern california voted against the cannabis business from the rejection of permits to rejecting new dispensaries.

voters by wide margins said no to every ballot initiative. nevada officials say gambling revenues were up 3% in september versus the month of august. the gaming control board says casino revenues for the third quarter were up 6% year over year. las vegas and reno were up 1% each. in alaska another race for president ended up a fight to the finish, a polar bear defeated the gray wolf to be elected as the first president of the alaska zoo. the first presidential race was a fund-raiser and visitors paid $1 to cast their vote. supporters say they lost because of a third right in candidate. that is your west coast minute. dennis: nicely done. more than 200,000 new power outages after a second storm wallops the east coast. we are live watching the clean up.

cheryl: the hotel industry. is it going to prosper if people seeking shelter from the storm? choice hotels international joining us next. dennis: let's look at today's winners. might be a few on the nasdaq.

cheryl: in the last five minutes we hit a new session lows. even below the lowest 12,870, yesterday's sell-off the worst of the dow and major aaerages had seen in over a year, one day after the presidential election was decided and continuing to watch the markets on markets now. dennis: and hating it. snow and rain adding more headaches to those in the area still recovering from hurricane sandy.

steve san tony joins us with the latest. >> double whammy for the folks out here along new jersey shore. they had hurricane sandy nine days ago and last night the snow and wind moved in and it is very windy right now. a little bit of snow on the ground. it is a nor'easter, an early nor'easter for this time of year end with hurricane coming in earlier, nine days ago so people without power still without power. some of them got it back only to lose it again last night in those high winds and storms, the wind bringing down tree branches laden with leaves and snow crossing the power lines and they're not letting anybody into the barrier island out there where a lot of damage was suffered in hurricanes and the end for the time being at least because of minimal overnight flooding, additional flooding on top of what they already have that destroyed a lot of homes they are keeping people out for

the time being as they try to recover and get back on their feet. power outages throughout the region have been widespread. there were 600,000 or 700,000 people throughout the north atlantic coast region who were out of power because of hurricane sandy. now we have 19,000 more just last night in new jersey so some people who lost power got it back and lost again. almost a losing battle but they were hoping for the best, better weather and people try to get back on their feet. dennis: breaking news. new york governor cuomo says storm damage and economic losses now total $50 billion for the region, $33 billion of in new york state. cheryl: choice hotels, the operator of chains like comfort inn and clarion have 36 hotels in the path of hurricane sandy throughout new york, new jersey

and connecticut. i know that you have 36 hotels affected. how are they doing today? what are conditions like? >> they're doing better. most are open and operating and we are trying to take care of the people that have been hit with a calamity. we are working on several different fronts. we have folks reaching out to the community and helping them from a franchisee base but also servicing the community through hotels. we have utility crews sleeping in meeting rooms. we are doing what we can to help. we have almost 1,000 hotel in the line of the storm, we had 38 that had some sort of interruption but most were down to single-digit in terms of those still without power or not operating. cheryl: you have a very strong third quarter. you handily beat earnings per share and on the revenue side but are you concerned with the hurricane that the fourth quarter may be in jeopardy?

>> not really. what happened is there might have been a little bump at first, we fill back up with all the folks who don't have housing or folks that are helping and going to rebuild those communities. we are actually looking at a situation where we think the demand was strong and this will keep it as strong for the fourth quarter into next year and the other good thing about the company is this is an important area where spread all over the country with 5,000 hotels. this is an important region but it is not a significant part of the overall inventory and quite frankly those hotels are full and operating and able to help those in the community. cheryl: 5200 worldwide. at the scene, want to ask about something else. one thing you are working on is a big message for the administration. you want them to ease up on visa requirements and trying to get more tourists to come to this country. what exactly is it you want congress and the president to do? >> this is a great thing

particularly after the election because it is a bipartisan issue. it is all about jobs. for every 33 international travelers that coming regenerated other job. is good for choice hotels and the hotel industry, and a lot of jobs in the hotel industry, the fastest-growing area of the economy, 16%, and if we can continue to add the visa waiver countries and improve the visa access availability and want to travel. he is a clear way to create jobs and the administration who has been a big supporter of that but everyone in congress can support. cheryl: someone can go to france with the visa and come to the u.s.. choice hotels hiring right now, they will be adding u.s. jobs? >> we are.

we have a number of things we are growing. with the new distribution of social media, a lot chronic distribution, adding folks in those areas and the companies grow and we expect to be higher this year or next. cheryl: you will be hiring this year or next year. thank you very much. our best to all your hotels that have been in the path of sandy. dennis: stuck in neutral or trucking had taken the health of the u.s. economy after hurricane sandy's destruction and president obama's resurrection. cheryl: phil graham, ceo of the american trucking administration talking to liz and laurie next on markets now.

dennis: note sell-off if obama is reelected is what so many market experts were telling me in the weeks leading to the election and now we are doubtful thousand eight eighty something and it makes me sad. cheryl: one thing that is a piece of good news, getting back to normal year at least in new york city. panels are opening up but still long way to go, the recovery experts that power coming back to the northeast. appease of good news. the only good news we can get these days. melissa: i am melissa frances. lori: lori rothman. stocks adding yesterday's losses despite the economic data. should you buy or run for cover? melissa: stuck in neutral trucking ahead? president obama and hurricanes and the's exclusive interview with american trucking association ceo phil graves. lori: a failed presidential bid in all the senate seat, lou